funds trimming stock portfoliio
Article Abstract:
According to a Merrill Lynch Gallup's survey, Asia-Pacific fund managers are selling Hong Kong's shares for more cash in fear of the Hong Kong dollar peg rate can not be maintained. The survey also showed that the number of Hong Kong equity sellers was more than buyers by 43%. If Hong Kong dollar peg rate can not be maintained, 58% of Asian Pacific fund managers said the float will occur before the end of 1999. Fund managers agreed Asia region will be a favourite region for investment in the coming 12 months. *
Comment:
Hong K: Asia-Pacific fund managers sell country's shares for more cash in fear Hong Kong dollar peg rate cannot be maintained
Publication Name: HK Standard
Subject: Business, international
ISSN:
Year: 1998
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cayman firm gets big slice of scb
Article Abstract:
Shanghai United International Investment, a cayman incorporated company has purchased a 22.4% stake in Shanghai Commercial Bank from Krinein. The investment company has come the second largest shareholder of SCB after the purchase. Liu Jin-bao, the manager director of Bank of China and Lincoln Yung has been appointed in the board of directors. The share deal can strengthen the bank's shareholder base and enhance its image for public listing. *
Comment:
Sells 22.4% stake in Shanghai Commercial Bank to Shanghai United International Investment, a Cayman incorporated company
Publication Name: HK Standard
Subject: Business, international
ISSN:
Year: 1998
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Fidelity fund value slashed 45%
Article Abstract:
Fidelity Investments (Asia Pacific) has suffered a 45% drop in assets under management in terms of market value in the past 12 months. It was a result of a sharp downturn in the value of stocks in Hong Kong and Asia-Pacific countries. The total volume of funds managed by the firm has dropped to about HK$17 bn from about HK$20 bn in March 1998. Nevertheless, the firm said it was still above budget due to its strong business lines. *
Comment:
Suffers 45% drop in assets under mgmt in terms of market value in past 12 months
Publication Name: HK Standard
Subject: Business, international
ISSN:
Year: 1998
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